Liquid extracts company, Accounting Basics

Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces.  Fruits enter the production process in pounds; the product emerges in quarts (one pound of input equals one quart of output).  On May 31st, 4,250 units were in process.  All direct materials had been added, and the units were 70 percent done for conversion costs.  Direct materials costs of $4,607 and conversion costs of $3,535 were attached to the units in the starting work in process invetory.  During June 61,300 pounds of fruit were added at the cost of $71,108.  Direct labor for the month totaled $19,760 and overhead costs applied were $31,375.  On June 30th 3,400 units remained in process.  All direct materials for these units had been added, and 50 percent of conversion costs had been incurred.

Using FIFO method, prepare a process cost report for the month of June.

Posted Date: 3/20/2013 4:02:21 AM | Location : United States

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